PPL Corporation (NYSE: PPL) announced Tuesday (6/13) that William H. Spence, a 27-year energy industry veteran, is joining the company as its executive vice president and chief operating officer.

Spence comes to PPL from Pepco Holdings Inc. in Washington, D.C., where he has served as senior vice president, as well as president of Pepco Holdings' competitive businesses, which include Conectiv Energy and Pepco Energy Services.

In his new position, Spence will report directly to James H. Miller, PPL's president, who also had served as PPL's COO since 2004.

"With his extensive experience in both regulated and competitive energy businesses, Bill is a superb addition to PPL's executive management team," Miller said. "We are confident that Bill will be a major contributor in achieving PPL's double-digit compound annual growth objective and in our continual pursuit of initiatives to grow value for shareowners."

The following PPL business line presidents will report to Spence:

• Bryce Shriver, president of PPL Generation, which controls about 11,500 megawatts of electricity generating capacity at more than 30 sites in six states.
• Joe Hopf, president of PPL EnergyPlus, which markets wholesale and retail electricity in key Eastern and Western U.S. markets.
• John Sipics, president of PPL Electric Utilities, which provides electricity delivery services to 1.4 million customers in Pennsylvania.
• Rick Klingensmith, president of PPL Global, which provides electricity delivery services to 3.7 million customers in the United Kingdom and Latin America.
• Paul Champagne, president of PPL Energy Services Group, with responsibility for the company's development functions and energy services activities.
  

PPL announced in February that William F. Hecht, PPL's chairman and chief executive officer, will retire before the end of 2006. Upon Hecht's retirement, Miller will assume the additional roles of chairman and chief executive officer.

Spence, who will join PPL on June 26, has 19 years of service with Pepco Holdings and heritage companies Delmarva Power and Conectiv. He joined Delmarva Power in 1987 in the company's regulated gas business, where he held various management positions before being named, in 1996, vice president of trading for Delmarva Power. In that position, he helped to grow the trading operations from inception to more than $2 billion in revenues and integrated the merchant operations of Atlantic City Electric and Delmarva Power during the merger of the two companies.

Spence was named senior vice president of Conectiv in 2001, prior to the merger with Pepco, and eventually assumed responsibility for Pepco Holdings' $3 billion competitive generation and retail marketing businesses.

Prior to joining Delmarva Power, Spence was a senior engineer at Algonquin Gas Transmission Company in Boston. He started his career as an engineer for the U.S. Geological Survey in Farmington, N.M.

Spence earned a bachelor's degree in petroleum and natural gas engineering from Penn State University and a master's degree in business administration from Bentley College in Waltham, Mass. He also is a graduate of the Executive Development Program at the University of Pennsylvania's Wharton School. He has been active in the local Delaware community, serving on the boards of Junior Achievement, the Delaware Nature Conservancy and the Delaware Museum of Natural History.

Headquartered in Allentown, Pa., PPL Corporation controls about 11,500 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to more than 5 million customers in Pennsylvania, the United Kingdom and Latin America.

Statements contained in this news release, including statements with respect to future earnings, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand and prices for energy, capacity and fuel; market prices for crude oil and the potential impact on the phaseout of synthetic fuel tax credits and synthetic fuel operations; weather conditions affecting generation production, customer energy usage and operating costs; competition in retail and wholesale power markets; liquidity of wholesale power markets; the effect of any business or industry restructuring; the profitability and liquidity, including access to capital markets and credit facilities, of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operation and availability of existing generation facilities and operating costs; transmission and distribution system conditions and operating costs; current and future environmental conditions and requirements and the related costs of compliance, including environmental capital expenditures and emission allowance and other expenses; significant delays in the planned installation of pollution control equipment at certain coal-fired generating units in Pennsylvania due to weather conditions, contractor performance or other reasons; development of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business; any impact of 2005 hurricanes on PPL Corporation's business, including any impact on fuel prices; receipt of necessary governmental permits, approvals and rate relief; new state, federal or foreign legislation, including new tax legislation; state, federal and foreign regulatory developments; impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries and the energy industry; capital markets conditions, including changes in interest rates, and decisions regarding capital structure; stock price performance of PPL Corporation; the market prices of equity securities and the impact on pension costs and resultant cash funding requirements for defined benefit pension plans; securities and credit ratings; foreign currency exchange rates; the outcome of litigation against PPL Corporation and its subsidiaries; potential effects of threatened or actual terrorism or war or other hostilities; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.